• Wed. Sep 21st, 2022

Qatar Airways announces record profit; highest in the global airline industry for the same period

ByKimberly A. Brochu

Jun 16, 2022

Doha: Qatar Airways Group is celebrating its 25th anniversary in business with its best financial performance reflected in its published annual report for 2021/22, 200% above its highest historical annual profit.

In the most challenging period in the history of the global airline industry, the airline attributes its positive results to its agility and successful strategy which continued to focus on customer needs and evolving market opportunities. market, as well as the efficiency and commitment of its employees worldwide. This profit is not only a record for Qatar Airways Group, but also a record among all other airlines that have published financial results for this fiscal year worldwide.

Qatar Airways Group posted a record net profit of QAR5.6 billion ($1.54 billion) in the 2021/22 financial year. Overall revenue increased to QAR52.3 billion ($14.4 billion), up 78% year-on-year and a remarkable 2% increase year-on-year full pre-COVID (i.e. 2019/20). Passenger revenue increased 210% year-on-year, driven by Qatar Airways’ network growth, increased market share and higher unit revenue, for the second year in a row. Qatar Airways carried 18.5 million passengers, an increase of 218% over last year.

Qatar Airways Cargo remained the world’s largest player, with revenues growing by an impressive 25% year-on-year with cargo capacity (available tonne-kilometres) growing by 25% annually.

The Group generated a strong EBITDA margin of 34% at QAR 17.7 billion (USD 4.9 billion). EBITDA was higher than the previous year by QAR 11.8 billion (US$3.2 billion) thanks to streamlined, agile and responsive operations across all business areas. These record revenues are the result of decisions made during the pandemic to expand Qatar Airways’ passenger and cargo networks, with a more accurate forecast of global market recovery, strengthening customer and merchant loyalty and excellence. products combined with strict cost control.

Despite the challenges of COVID-19, the State of Qatar’s national carrier has expanded to over 140 destinations in 2021/22, opening up new routes including Abidjan, Ivory Coast; Lusaka, Zambia; Harare, Zimbabwe; Almaty, Kazakhstan and Kano and Port Harcourt, Nigeria, in addition to resuming flights to key markets across Europe, Africa, the Middle East and Asia. The company continuously operated the largest network of any airline in the Middle East, measured by number of destinations as well as weekly flights.

Minister of State for Energy and Chairman of Qatar Airways Group, HE Saad Bin Sharida Al-Kaabi, said: “Qatar Airways Group has demonstrated a strong role in the aviation industry, and these financial results are an indication clear from the solid performance of the group. Faced with the challenges of the previous period, I am delighted with the achievements that have been made this year and the speed with which the Group has responded to these challenges.

Qatar Airways Group Chief Executive, HE Akbar Al Baker, said: “This year, Qatar Airways Group celebrates a quarter century of history since its relaunch, while maintaining strong performance and growing profitability. Our commitment to providing the best choices for our passengers, maintaining the highest levels of safety in the industry and earning trust has made us proudly the airline of choice for millions of travelers around the world. We pursued all business opportunities and left no stone unturned to achieve our goals.

“In 2021, we experienced significant growth to become the world’s largest long-haul carrier in 2021 by RPK. We also received the industry’s most prestigious accolade ‘Airline of the Year’ for a sixth time record at the Skytrax World Airline Awards, in addition to the recognition of the airline’s hub, Hamad International Airport, as the 2021 “World’s Best Airport”. The Qatar Airways Cargo division also won three major awards from industry, including Cargo Operator of the Year at the ATW Airline Awards, Cargo Airline of the Year and Air Cargo Industry Excellence Award at Air Cargo Week’s World Air Cargo Awards. not only the exceptional reputation of our brand, but also our exceptional hard work within the Qatar Airways Group family.”

“I am extremely proud of the decisions we have made to prioritize efficiency and achieve tight cost control across multiple operational departments while committing to environmental and sustainability initiatives. This has positioned us at the forefront in the field of sustainability, including environmental protection and social commitment. Our strategic investments in a diverse fleet of modern, fuel-efficient aircraft have helped us overcome significant capacity constraint challenges while balancing business needs as quickly as possible.

Throughout this year, the Qatar Airways Group has maintained a very successful and rich portfolio of regional and global partnerships to champion the brand across the globe, including global sports clubs – Al Sadd SC, Boca Juniors, Brooklyn Nets, FC Bayern München and Paris Saint-Germain, the partnership with the South American Football Confederation (CONMEBOL) and FIFA.

Amid the pandemic-related disruptions, Qatar Airways Cargo carried more than 3 million tonnes of air cargo and secured an 8% global market share. Cargo has also transported more than 600 million doses of COVID-19 vaccines during the pandemic to date and has also focused its efforts on improving its renowned pharmaceutical product and its presence in the industry, while guaranteeing its commitment to its groundbreaking WeQare initiative, which consists of a series of positive and impactful actions in the form of chapters based on the fundamental pillars of sustainability – environment, society, economy and culture.